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The SBI bank account is opened on a paperless basis, however, the account holder is required to take up full KYC (Know Your Customer) by visiting a bank branch within one year of opening the account. Branch-based transactions are allowed after completion of full KYC, it noted.
Mode of operation: The bank account is opened on a single basis. That means only one customer can hold the bank account.
Minimum balance rules: SBI Insta Savings Account is free from the requirement of monthly average balance till August 31, 2018, the bank noted.s
Who can open an SBI account: SBI's Insta Savings Account can be opened by Indian residents above 18 years of age. The account is for new customers with no existing relationships with SBI.
How to open the SBI account online: SBI's Insta Savings Account is opened through YONO through a paperless process, without requiring the customer to visit an SBI bank branch for activation, according to the bank's website.
Documents required: Users looking to open an SBI Insta Savings Account need to have an Aadhaar with a linked mobile number and a PAN card, it noted.
ATM/cash withdrawal: This SBI account comes with a RuPay-branded debit card free of cost, according to the bank. Customers can use this debit card to withdraw cash from ATMs of SBI group or other banks.
Account balance requirements: In the Insta Savings Account, SBI allows up to Rs. 1,00,000 as aggregate balance at the end of the day. Total annual credit transactions can be up to Rs. 2,00,000, according to SBI.
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Once on the SBI Yono website, the user may proceed by filling in details such as email address and phone number and clicking the 'Submit' button.
The website then prompts the user to enter an OTP (one-time passcode). This OTP is a numeric code sent to the user's mobile number. After entering this OTP in the given field, click on 'Submit' to proceed.
As a next step, the user is required to set an application password. This password will be used to log in to the YONO app once the account is set.
After this, the user is asked to confirm certain tax liability dates under FATCA or the Foreign Account Tax Compliance Act. After choosing the correct option, the user may proceed by clicking on 'Next'.
The website then asks the user to authorise SBI to proceed with Aadhaar-based verification to open an account. The user may click on 'Next' to proceed.
After this, an OTP is sent to the user's mobile number registered with Aadhaar. In case the details given on Aadhaar are not updated, YONO asks the user to make the required changes through the UIDAI (Unique Identification Authority of India), the issuer of Aadhaar card.
At this stage, the user is required to enter/confirm personal details such as name, address and date of birth. After this, additional details such as PAN and annual income are fed.
The user is then asked to select a home branch. This branch will be the SBI branch where the account will be located.
Through mobile app YONO, users can also open a Digital Savings Account. Similar to Insta Savings Account, this account is also opened on a paperless basis. The Digital Savings account requires a single branch visit by the customer, according to the SBI website.
State Bank of India (SBI) has used technological advancement to give its customers the ease of transacting any corner of the world. The bank now offers mobile banking services as well where you can get numerous services through the app. One of the mobile banking apps SBI YONO is the latest offerings by the bank to allow customers the ease of transactions to its customers.FAQs
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What is “YONO”?
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Integration with Social Login/Media is missing.
The app is slow and takes time to load.
Back button/function is missing and it always asks to exit from the app.